Fha Loan Scams
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FHA Loans, Scams, and Standard Procedures – FHA Loans, Scams, and Standard Procedures. In today’s world, protecting your identity, personal information, credit card numbers and Social Security data is crucial. There are plenty of warnings of identity fraud scams across all types of business.
Let’s start with a basic definition. An FHA loan is a type of mortgage product that is insured by the federal government. The Federal Housing Administration insures loans made by lenders within the private sector. Because of this insurance, lenders are more willing to relax certain guidelines such as credit scores and debt ratios. This, along with the lower down-payment requirements, is what attracts borrowers to the.
The FHA Connection provides FHA-approved lenders and business partners with direct, secure, online access to computer systems of the U.S. Department of Housing and Urban Development (HUD).
Law360, Miami (July 14, 2015, 6:59 PM EDT) — A Miami mortgage company owner and a senior mortgage underwriter pled guilty Monday to participating in a $64 million mortgage fraud scheme. appear.
FHA allows homeowners with current FHA Loans to do a fast track refinance loan program called FHA STREAMLINE REFINANCE. No appraisal required, no income docs required, no credit scores required. Most FHA STREAMLINE REFINANCE are done in two weeks. You also get to skip a month of mortgage payment.
The actual occupancy rate was only approximately 86 percent – below the level HUD and FHA set as a condition for approving the loan. DeLong pleaded guilty to his role in the fraud scheme and is.
In 2013, more than 11,000 complaints for loan fraud (including mortgages) were filed with the Federal Trade Commission, according to the FTC’s Consumer Sentinel Network Data Book.
Benefits of FHA Loans: Low Down Payments and Less Strict Credit score requirements. typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing.
Lower Hud News Pam Patenaude resigns from HUD, top deputy to Ben Carson – Current and former HUD officials and low-income housing advocates all described the HUD veteran as instrumental to the functioning of the federal housing agency.. "I find the news disappointing.
"Mortgage fraud can turn the American Dream of homeownership into. A review of a sample of conventional and FHA loans revealed that Portmann and his staff closed over 300 loans with false and.
Federal Housing Administration History HUD Interactive Timeline – This law also created the Federal Housing Administration (FHA), the main federal agency handling mortgage insurance. The FHA’s assumption of risk, through its insurance programs, made possible the amortization of mortgage loans with regular monthly payments and a secondary market for home mortgages, thus freeing up funds for home loans.